Portfolio Update

 
TIDMBRCI TIDMBRCC 
 
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC 
 
All information is at 30 September 2010 and unaudited. 
 
                       One    Three       Six       One     Three    *Since 
                     Month   Months    Months      Year     Years    Launch 
 
Net asset value       9.1%    15.6%     -4.2%     15.7%     -1.4%     64.1% 
Share price           9.6%    13.8%     -5.6%     16.9%      2.5%     62.7% 
 
Sources: Datastream, BlackRock 
*13 December 2005 
 
At month end 
Net asset value - capital only:                    130.34p 
Net asset value - cum income:                      130.34p 
Share price:                                       131.75p 
Premium to NAV (capital only):                        1.1% 
Net Yield:                                            4.2% 
Gearing - cum income:                                 1.4% 
Total assets^:                                     GBP99.96m 
Ordinary shares in issue:                       75,600,000 
C shares in issue:                              20,000,000 
 
^includes current year revenue. 
 
                          % of Total                                 % of Total 
Sector Analysis               Assets       Country Analysis              Assets 
 
Integrated Oil                  27.6       Global                          21.2 
Diversified                     17.1       USA                             19.1 
Exploration & Production        13.8       Canada                          14.9 
Copper                           9.6       Europe                          14.6 
Coal                             5.4       Asia                            12.1 
Fertiliser                       5.1       Latin America                    7.6 
Oil Services                     5.0       South Africa                     5.7 
Iron Ore                         3.9       Australia                        3.6 
Aluminium                        3.2       China                            1.6 
Nickel                           2.6       Africa                           1.0 
Zinc                             2.3       Russia                           0.8 
Tin                              1.9       Current liabilities            (2.2) 
Platinum                         1.8                                      ----- 
Distribution                     1.5                                      100.0 
Gold                             1.4                                      ===== 
Current liabilities            (2.2) 
                               ----- 
                               100.0 
                               ===== 
 
Ten Largest Equity Investments (in alphabetical order) 
 
Company                                   Region of Risk 
 
Anadarko Petroleum                        USA 
BHP Billiton                              Global 
Eni                                       Europe 
Exxon Mobil                               Global 
Freeport-McMoRan                          Asia 
Kumba Iron Ore                            South Africa 
Occidental Petroleum                      USA 
Potash Corp of Saskatchewan               Canada 
Rio Tinto                                 Global 
Vale                                      Latin America 
 
Commenting on the markets, Richard Davis, representing the Investment Manager 
noted: 
 
Commodity prices rallied over the month with base metals and precious metals 
reporting significant gains. Among the base metals, copper and aluminium were 
some of the best performers gaining 8% (in US$ terms) and 14% respectively. 
These were predominantly driven by improved demand fundamentals with better 
than expected industrial data announced in the US and China. In the precious 
metals complex, gold prices made yet another new all time high in September. 
The metal was supported by a number of reports that argued for further 
quantitative easing by the central banks. These measures could further devalue 
the US Dollar, which should be positive for the price of gold (and indeed all 
commodities). Prices rose above the US$1,310/oz level, while silver rose above 
US$22/oz to a new 30-year high. The HSBC Global Mining Index closed the month 
up 10.6% (capital only in sterling terms) with the FTSE Gold Mines Index rising 
2.4%. 
 
In the energy sector, oil prices gained over 10% to close at US$80/Bbl, its 
highest monthly gain since May 2009. The Henry Hub natural gas price, weighed 
by increased North American shale supply, rose only 0.9% to end the month at 
US$3.8/MMBTU. In equity news, BP announced the successful intercept and final 
cementing of the Macondo oil well in the Gulf of Mexico. Coupled with the 
implication that a dividend would be reinstated and the implementation of a new 
safety regime, the announcement led to strong performance over the month for BP 
shares. The MSCI World Energy Index rose 7.4% over the month. 
 
Latest information is available by typing www.blackrock.co.uk/its on the 
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV 
terminal). 
 
14 October 2010 
 
 
 
END